The 6th Future Blockchain Summit, the MENA region’s first and largest blockchain conference and exhibition, will welcome industry experts who will take advantage of countless networking opportunities, a program of expert conferences and transformational workshops to explore diverse topics such as:
- Blockchain for Business,
- Future of Cryptocurrencies and
- Into The Metaverse.
Cryptocurrencies – Regulating Authority
THE CRYPTOCURRENCIES REGULATORY AUTHORITY (VARA) IS THE ONLY AUTHORITY REGULATING VIRTUAL
ASSETS IN DUBAI
As the world’s first independent regulator for Cryptocurrencies, VARA acts as a transparent and trusted guiding authority for the emerging world of Crypto. VARA aims to make its mission global by creating a replicable framework for industry regulation.
Leveraging expertise from global experts and organizations and working with relevant local financial regulators, VARA helps mitigate risk and facilitate cross-border operations and innovation for safe market adoption and growth.
Dubai is the world’s crypto shelter – Future Blockchain Summit 2023
With the launch of the Dubai Blockchain Strategy in 2016 and the Dubai Metaverse Strategy in 2022 – Dubai is years ahead in welcoming the cryptocurrency Industry.
With initiatives such as the Unified Business Registry Platform [UBR] and the UAE Center for the Fourth Industrial Revolution [C4IR UAE], Dubai is leading the way in implementing crypto projects to enable breakthrough development and innovation in key sectors such as real estate, governance, logistics, metaverse and fintech.
Can cryptocurrency change the global economy?
Cryptocurrencies have been a hot topic for several years. But only recently have they gained attention as financial tools that can be accessed and put to multiple uses, rather than just being a digital commodity.
- Crypto related jobs are currently in demand as the market continues to expand, positively impacting the global economy as a whole.
- Digital money plays an essential role as it has the ability to empower social and economic development by offering modern banking solutions.
- Cryptocurrency is used as a critical tool for cross-border transactions to ensure financial equality, greatly influencing the global economy.
- Crypto’s utility structure allows people to invest and trade with a global economy.
- Due to their decentralized nature, cryptocurrencies act as a global economy that all users can participate in, which helps support new businesses and create more competition in financial services.
Cryptocurrency and its impact on the global economy – Future Blockchain Summit 2023
Dubbed as “people’s money” and today known for empowerment, cryptocurrency is more than just a financial innovation. It is one of the most revolutionary and disruptive innovations in the world of modern finance – a factor that has greatly disrupted people’s lives, causing significant positive impact.
Digital money has proven its potential to transform the financial world with notable benefits, especially for lower-income countries alongside emerging markets. Cryptocurrency is a social, cultural and technological development that is driving global economies.
Let’s take a look at how cryptocurrencies have affected the global economy as a whole:
Increased labor markets
The growth and rise of cryptocurrencies has led to the cryptocurrency industry being a huge ecosystem filled with experts, exchanges and participants that requires humans to manage everything. Crypto-related jobs are currently in demand, with the number of crypto job listings for the US set to soar 395% in 2022, according to a LinkedIn report.
LinkedIn even listed blockchain and digital skills as one of the top in-demand skills employers are looking for these days. People’s interest in cryptocurrencies never fades and with the radical increase in popularity of cryptocurrencies, the job markets will continue to expand and in return will have a positive impact on the global economy.
Financial Stability for the Unbanked
Despite widespread poor economic conditions in developing countries, cryptocurrencies and digital money are now being used for online transactions. Let’s take an example of Africa.
According to Chainalysis, a blockchain forensics firm, Africa’s cryptocurrency market grew by over 1200% from 2020 to 2021. They added that four African countries – Kenya, Nigeria, South Africa and Tanzania – all rank in the top 20 for global adoption of cryptocurrencies.
This is mainly because for developing countries like Africa, cryptocurrencies play an essential role as they have the ability to enhance social and economic development by offering modern banking solutions.
Cryptocurrency, here, is primarily used as a way to solve financial issues related to limited access to traditional banking systems and poor financial inclusion. People in countries with financial instability can now use cryptocurrencies as a critical tool for cross-border transactions to ensure financial equality, greatly impacting the global economy.
Increased Transaction Transparency – Future Blockchain Summit 2023
Criminal activities such as money laundering and the illegal use of financial assets have become very common in financial systems. In this case, a clear system of controlling and monitoring every detail of the transactions carried out helps as a battle to minimize these issues.
In centralized systems, malicious entities can also manipulate documents and transactions, and to prevent this, a digitized and automated system is needed that can monitor financial transactions at a deeper level.
In fact, some cryptocurrency companies involve business owners in underdeveloped countries like Africa for financial transactions within European, American and Asian companies to help create financial cover and release money through exchanges worldwide.
In an ever-growing digitized world, cross-border transactions have become primarily important and with cryptocurrencies, this can happen without any hassle compared to traditional banking systems. Over time, entrepreneurs will soon be able to invest, save and send money across borders, which in turn will reshape global business practices, as we will see in the Future Blockchain Summit 2023.
Cryptocurrency has changed the socio-economic landscape around the world with its core features. This digital money not only provides value and benefits to the economy, but also helps uplift people, empowering them and making them part of the global economy.
LYOPAY was created for the same purpose. We envisioned making it easier to use cryptocurrencies as a base money on a daily basis, allowing more and more people to get involved and be a part of the modern financial world.
We’ve built an ecosystem full of crypto products with the goal of giving people the tools to use cryptocurrencies on a daily basis. All these will be analyzed in the Future Blockchain Summit 2023.
With LYOPAY, people have the opportunity to use cryptocurrencies with the feeling of full ownership and security. It is a platform for leveraging payment solutions as the primary tool to drive adoption and user acquisition, while simultaneously establishing transaction and financial services solutions as primary sources of revenue.
Follow Krypto Hodlers to learn more about our crypto-friendly ecosystem and how it contributes to the cryptocurrency world.
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